Mr. Jack Lundin reports

VICUNA CORP. APPLIES FOR RIGI PEELP IN ARGENTINA

Lundin Mining Corp.'s Vicuna Corp. has submitted an application for the inclusion of the Josemaria and Filo del Sol deposits to the Incentive Regime for Large Investments under the long-term strategic export project designation in Argentina. Argentina's RIGI regime is designed to attract and accelerate large-scale investment through long-term fiscal stability and transparent regulatory conditions.

The submission represents a key milestone to advance a multidecade, district-scale copper-gold-silver development project in Argentina, making it one of the largest potential foreign investment projects into the country across all sectors. Vicuna project details and economic benefits will be outlined in an integrated technical report expected to be completed in the first quarter of 2026.

Jack Lundin, president and chief executive officer, commented: "Submitting the Vicuna RIGI PEELP application is an important step in positioning the project for long-term success. The RIGI framework offers a stable investment environment that aligns well with the scale, capital intensity and multidecade potential of the Vicuna project. The combination of RIGI benefits, provincial support and the quality of the Vicuna project resource base lays the foundation for transformative value creation. Together with our valued partner BHP, we look forward to continuing to build on the solid relationship with the Argentine and San Juan governments."

About Vicuna Corp.

Lundin Mining indirectly holds a 50-per-cent interest in Vicuna, an independently managed joint operation which owns the Josemaria deposit in Argentina and the Filo del Sol deposit in Argentina and Chile.

An initial mineral resource estimate for the Filo del Sol sulphide deposit, an updated mineral resource estimate for the Filo del Sol oxide deposit and an updated mineral resource estimate for the Josemaria deposit highlighted the combined Vicuna project as one of the largest copper, gold and silver resources in the world (see Lundin Mining's news release dated May 4, 2025).

The proximity of the Filo del Sol and Josemaria deposits forms the basis of the Vicuna project, which allows for joint development capturing greater economies of scale, shared infrastructure and increased optionality for staged expansions to support a globally ranked mining complex.

About Lundin Mining Corp.

Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada, with four operating mines in Brazil, Chile and the United States. It produces commodities that support modern infrastructure and electrification. Built for growth, ready for opportunity, its strategic vision is to become a top-10 global copper producer. To get there, it is executing a clear growth strategy, which includes advancing one of the world's largest copper, gold and silver projects in the Vicuna district on the border of Argentina and Chile, where it holds a 50-per-cent interest. With a legacy of value creation in the base metal sector, Lundin Mining has a proven record of resource growth, operational excellence and responsible development. It is committed to safety, sustainability and delivering long-term value for stakeholders. Lundin Mining's shares trade on the Toronto Stock Exchange and Nasdaq Stockholm.

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